A new settlement with one of Bernard Madoff’s investors will add another $25 million to the billions of dollars that have been recovered following the collapse of his Ponzi scheme, the Wall Street Journal reported yesterday. Irving Picard, the trustee overseeing the liquidation of the Bernard L. Madoff Investment Securities LLC investment firm, reached the deal with investor Vizcaya Partners Ltd. as well as with Vizcaya’s investors and their bank. Picard had sued Vizcaya in bankruptcy court in 2009 to recover the false profits it received during the course of Madoff’s Ponzi scheme. The lawsuit also targeted two of Vizcaya’s investors and its bank, to which Vizcaya subsequently transferred the funds that originated with Madoff’s firm. Read more. (Subscription required.)
For more information on fraud cases, including the Madoff case, be sure to pick up a copy of ABI’s Fraud and Forensics: Piercing Through the Deception in a Commercial Fraud Case.
